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Monday, June 17, 2019

A Global Equity Shop Leads

Reported by Neil Anderson, Managing Editor

A Natixis-backed global equity shop took the lead last month among small fund firms.

Paul Russell Black
WCM Investment Management
This article draws from Morningstar Direct data on May 2019 ETF and open-end mutual fund flows, excluding money-market funds and funds of funds. More specifically, this article focuses on the 160 firms (one more than in April) with between $1 billion and $10 billion each in fund AUM. 79 of those firms gained net inflows last month.

WCM Investment Management brought in an estimated $377 million in net May inflows, more than any other small fund firm and up from $113 million in April. Other big May winners included: RBC GAM, $226 million (up from $42 million); Payden, $211 million (up from $150 million); 361 Capital, $194 million (up from $23 million in net outflows); and Mercer, $174 million (up from $37 million).

Proportionately, 361 led the small fund firm pack, bringing in estimated May net inflows equivalent to 16.56 percent of its AUM, up from 2.24 percent in net April outflows. Other big May winners included: Innovator, 11.5 percent (down from 18.03 percent); RBC GAM, 8.75 percent (up from 1.71 percent); Fiera, 7.33 percent (up from 0.69 percent); and WCM, 4.69 percent (up from 1.46 percent).

On the flip side, May was a rough month for First Investors, which suffered an estimated $441 million in net outflows, more than any other small fund firm and up from $70 million in April. Other big May sufferers included: Robeco's Boston Partners, $315 million (up from $305 million); Tweedy Browne, $313 million (up from $97 million); Milleis Investissements Funds, $280 million (down from $180 million in net inflows); and Westwood, $267 million (up from $157 million).

Proportionately, KraneShares led the small fund firm outflows pack last month, with estimated net May outflows equivalent to 11.84 percent of its AUM, up from 0.67 percent in April. Other big May sufferers included: Segall Bryant & Hamill, 11.17 percent (down from 0.59 percent in net inflows); Chartwell, 10.2 percent (up from 5.99 percent); Highland, 9.78 percent (up from 3.22 percent); and Westwood, 9.78 percent (up from 5.09 percent).

As a group, the 160 small fund firms suffered an estimated $191 million in net May outflows, equivalent to about 0.04 percent of their combined AUM and accounting for 10.36 percent of net industry flows. That's down from $1.955 billion in net April inflows (which accounted for 1.31 percent of net industry flows).

Across the whole industry (M* tracks flows from 778 firms), long-term mutual funds and ETFs suffered a combined $1.843 billion in estimated net outflows in May, equivalent to 0.01 percent of industry AUM. That's down from $51.004 billion in net April inflows. Passive funds brought in $96 million in net May inflows, while active funds suffered $1.939 billion in net outflows. 

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